Capitalism had won. But had it?
Adam Smith once sang the praises of the “invisible hand”, the notion that when an individual pursues his self-interest under conditions of justice, he unintentionally promotes the good of society. Smith derived this theory based upon his belief that there existed inherent principles within man which interested him in the fortune of others which made rendering their happiness a priority for achieving happiness himself, even though he gained no other benefit from doing so.
In this way, Smith viewed capitalism as a force of good for society.
Karl Marx took the opposite approach when it came to assessing capitalism, viewing it as a revolutionary economic system that, while unleashing unprecedented productivity and innovation, carried within it the seeds of its own destruction.
Capitalism, Marx believed, lured society in with false promises of prosperity before consuming everything in its path.
Read in full on The Russia House with Scott Ritter.
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